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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Urals EN. | LSE:UEN | London | Ordinary Share | CY0107130912 | ORD USD0.126 (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 35.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jul 2019 to Jul 2024
TIDMUEN
RNS Number : 1000P
Urals Energy Public Company Limited
27 September 2013
The following amendment has been made to the '2013 Half Year Results' announcement released on 27 September 2013 at 07:00 hrs under RNS No 0580P.
In the announcement released this morning it was stated "As at 30 June 2012 net cash was US$6.6 million" when in fact it should have read "As at 30 June 2012 net debt was US$6.6 million". This has now been amended.
All other details remain unchanged.
The full amended text is shown below.
Press Release 27 September 2013
Urals Energy Public Company Limited
("Urals Energy" or the "Company")
2013 Half Year Results - Replacement
Urals Energy PCL (AIM:UEN), the independent exploration and production company with operations in Russia, is pleased to announce its half-year results for the six months ended 30 June 2013.
Operational highlights
Hot Features
Premium
-- Total production at Arcticneft reached 125,651 barrels
(H1-2012: 128,249 barrels)
-- Total production at Petrosakh reached 240,533 barrels
(H1-2012: 233,484)
-- Current daily production at Arcticneft is 702 BOPD -
slightly higher than an average of 694 BOPD for the six
months ended 30 June 2013
-- Current daily level of production at Petrosakh is 1,315
BOPD slightly down from an average of 1,330 BOPD for
the six months ended 30 June 2013
-- Well # 53 was spudded at Petrosakh
-- Measures to halt natural decline at Petrosakh including
the completion of successful workovers have stabilised
production
-- New well drilling and existing well optimisation programs
in place and being implemented on both fields
Financial highlights
-- In H1-2013 gross profit improved by 60% to US$4.9 million
(H1-2012: US$3.0 million), as a result the Company achieved
a net profit of US$1.0 million for the period (H1-2012:
US$0.6 million loss)
-- For the first time since 2006, positive net working capital
on 30 June 2013 at US$0.7 million (2012: US$1.0 million
negative working capital)
-- Net loss of US$2.5 million (H1 2012: net loss of US$2.0
million) caused by exchange rate movements during both
H1-2012 and H1-2013
-- Successful implementation of cost reduction program in
2012 resulting in 10% decrease in cost of sales
-- In June 2013, the Company entered into a short-term loan
agreement with Petraco Oil Company Limited ("Petraco")
under which Petraco has advanced US$7.0 million. The
Loan is being used by the Company to both progress its
2013 drilling plan and working capital financing
Post-period end and outlook
-- Initial production testing on Well #53 on the Petrosakh
Field will be completed during October 2013
-- The annual planned tanker shipment l for export from
Arcticneft is expected in late October 2013
-- Repayment of all loans from Petraco by year end
-- Expected release of charge over the Company's Arcticneft
assets by Petraco
-- Drilling of a new well # 112 will start shortly after
Well # 53 commences production
-- Initial reports from the AKN seismic survey appears positive
with an improvement in production anticipated along with
encouraging data on deeper targets
-- Seeking possible M&A and joint venture targets with a
view to expanding and optimising the Company's asset
portfolio, including producing assets, as well as earlier
stage exploration plays predominantly in the European,
and Western Siberia regions.
Alexei Maximov, Chief Executive, commented:
"The Board is pleased with the progress that Urals Energy has made since the start of 2013 and considers that the Company has finally turned the corner. During the period under review, the Company improved its production and cash generation at both Arcticneft and Petrosakh. In addition, our balance sheet was strengthened and for the first time since 2006 net working capital became positive.
"Well #53 has now been spudded, and the measures taken to halt the natural decline at Petrosakh, including the completion of successful workovers, has stabilised production. New well drilling and existing well optimisation programmes are in place and being implemented on both fields. Initial reports from the seismic survey appear extremely positive and provide a strong base for the improvement in anticipated production as well as encouraging data on deeper targets. More details on the seismic survey will be announced at the appropriate time.
"With the expected repayment of the loans from Petraco and the associated release of their charges, the Board believes that Urals Energy is now well positioned for growth. The Board continues to seek possible M&A and joint venture opportunities with a view to expanding and optimising the Company's portfolio."
- Ends -
For further information, please contact:
Urals Energy Public Company Limited
Alexei Maximov, Chief Executive Tel: +7 495 795 0300
Officer
Sergey Uzornikov, Chief Financial www.uralsenergy.com
Officer
Allenby Capital Limited
Nominated Adviser and Broker
Nick Naylor Tel: +44 (0) 20 3328
5656
Alex Price www.allenbycapital.com
Media enquiries:
Abchurch
Henry Harrison-Topham / Quincy Allan Tel: +44 (0) 20 7398
7710
henry.ht@abchurch-group.com www.abchurch-group.com
Chief Executive Officer's Statement
Financial Results
Operating Environment
The six months ended 30 June 2013 were characterised by a stable crude oil market price at an average level of US$108 per barrel (H1-2012: US$110). Domestic prices for light oil products ranged from US$110 to US$142 per barrel (H1-2012: US$85 to US$129). High and stable domestic prices secured the Company's operating cash flows at a level sufficient to maintain its operations and comply with license requirements at both fields.
There were no deliveries of crude oil exported from Arcticneft during the reporting period, resulting in 20,743 metric tons of crude oil that remained in stock. The tanker from Arcticneft is expected in late October 2013.
Operating Results
US$'000 Period ended 30 June:
------------------------
2013 2012
--------------------------------------------- ----------- -----------
Gross revenues before excise, export duties 17,775 16,832
Net revenues after excise, export duties
and VAT 15,881 15,362
Gross profit 4,930 3,077
Operating (loss)/profit 1,023 (591)
Management EBITDA 2,780 1,391
Total net finance benefits/(costs) (3,296) (1,542)
Profit for the period (2,537) (2,043)
--------------------------------------------- ----------- -----------
Gross Revenues (US$'000)
Period ended 30 June:
----------------------------------------- -------------------------
2013 2012
----------------------------------------- ----------- ------------
Crude oil 1,707 1,114
Export sales - -
Domestic sales (Russian Federation) 1,707 1,114
Petroleum (refined) products - domestic
sales 15,905 15,473
Other sales 163 245
Total gross revenues 17,775 16,832
----------------------------------------- ----------- ------------
For the six months ended 30 June 2013, total gross revenues increased by US$0.9 million resulting from a raise of average net back prices for petroleum (refined) products of US$73.86 per barrel for the six months ended 30 June 2013 (US$57.73 for the six months ended 30 June 2012) and a higher crude oil net back price of US$59.46 per barrel for the six months ended 30 June 2013 (US$49.88 per barrel for the six months ended 30 June 2012). The increase was partially off-set by a decline of sales volumes totaling 184,861 barrels for the six months ended 30 June 2013 (compared with 219,010 barrels for the six months ended 30 June 2012). Netback, in the case of domestic crude oil sales, is the gross sales net of VAT. Netback for domestic product sales is defined as gross product sales minus VAT, transportation, excise tax and refining costs.
For the six months ended 30 June 2013 all domestic sales of crude oil and almost all petroleum (refined) products related to Petrosakh. During the six months ended 30 June 2013, Arcticneft sold petroleum (refined) products to FGUP "ArcticMorNefteGazRazvedka" ("AMNGR") for US$474,000 (H1-2012: US$356,000).
Summary table: Net backs (US$/bbl)
Period ended 30
June:
----------------------------------------------- ------------------------
2013 2012
----------------------------------------------- ----------- -----------
Crude oil 59.46 49.88
Export sales - -
Domestic sales (Russian Federation) 59.46 49.88
Petroleum (refined) products - domestic sales 73.86 57.73
----------------------------------------------- ----------- -----------
Gross profit (net revenues less cost of sales) for the first half of 2013 increased by 58% to US$4.9 million (H1-2012: US$3.1 million). The main driver of the increase was the higher netbacks.
Operating profit for the first half of 2013 was US$1.0 million as compared with an operating loss of US$0.6 million for the six months ended 30 June 2012.
The net finance costs during the first half of 2013 were US$3.3 million and net interest benefits was US$0.2 million (H1-2012: net finance costs of US$1.5 million and net interest cost of US$0.2 million). The main increase is caused by exchange rate movements. For H1-2013 US$ strengthened vs Russian Rouble by 8% while for the same period of 2012 it was 2%.
Increase of net finance costs for the six months ended 30 June 2013 resulted in a net loss of US$2.5 million (H1-2012: net loss of US$2.0 million).
Consolidated management EBITDA in the six months ended 30 June 2013 doubled to US$2.8 million as compared with US$1.4 million during the six months ended 30 June 2012.
Management EBITDA (US$'000) - Unaudited
Period ended 30 June:
2013 2012
Loss for the period (2,537) (2,043)
Net finance costs 3,296 1,542
Income tax/(benefits) 264 (90)
Depreciation, depletion and amortisation 1,443 1,891
Total non-cash expenses 5,003 3,343
Release of provision 352 -
Other non-cash income (38) 91
------------------------------------------ --------------- ---------------
Total non-recurrent and non-cash items 314 91
Normalised EBITDA 2,780 1,391
Net debt position
As at 30 June 2013, the Company had net debt of US$3.3 million (calculated as long-term and short-term debt less cash in bank and less loans issued to related parties). As at 30 June 2012 net debt was US$6.6 million.
In June 2013, the Company received a loan of US$2.5 million from Petraco. As at 30 June 2013, the long-term and short-term part amounted to US$5.5 million (30 June 2012: US$10.2 million).
As at 30 June 2013 and 31 December 2012, the Group impaired a loan to a formerly related party by US$6.7 million and US$6.3 million, respectively. This amount relates to an overdue loan to a shareholder and former member of the Group's management team, Mr Rovneiko. On 9 January 2013, the Company received a final decision regarding its legal dispute with Mr Rovneiko from the London Court of International Arbitration. This decision ruled that the Company had won on all accounts. The Company has formally demanded payment from Mr Rovneiko and is committed to using all appropriate means to collect the outstanding amount, however to date Mr Rovneiko has shown no intent to comply with the decision. For accounting purposes management has reassessed the carrying value of the loan and has impaired this fully. However, this does not reduce the validity of the legal claim against Mr Rovneiko.
Operational update
Petrosakh
During the period under review the Company focused on two main areas, namely stabilising/minimising the natural decline in production, and the Company's drilling programme. In doing this, the following points were focused on:
1. complex geological studies of each well were performed with the intention of aiding the selection of optimal operating regime for producing wells. The work carried out enabled a significant reduction on the natural decline in production;
2. three new surface rod-pumping units were installed, again assisting in reducing the natural decline in production;
3. a programme to replace insert oil-well sucker-rod pumps on suspended pumps was launched, significantly reducing future repair times;
4. the repair of a second gas injection compressor was completed with minimum idle times for the Company's producing wells;
5. the Company commissioned an independent geological analysis of its existing well stock in Petrosakh with a view to ensuring the optimisation of its existing well stock development plan;
6. new cost reduction possibilities were evaluated, including,:
a. the conversion of part of the Company's oil field equipment for gas usage potentially enabling decreased costs of production;
b. testing of a new additive for gasoline production which the Company anticipates has the potential to increase the yield of light oil products at a lower cost; and
7. Development well #53 was been spudded following the reaching of the target depth.
Initial production testing on Well #53 will be completed during October 2013.
Downstream
Petrosakh refines and sells 100% of its crude oil production. Being the only company on the island which has a refinery, Urals Energy continues to work in a highly competitive refined products market brought to the island from mainland by the state-owned conglomerate Rosneft.
The Company works with existing and new customers, which allowed it to increase netbacks on the sales of oil and oil products by 19.2% and 27.9% respectively to US$59.46 per barrel and US$73.86 per barrel. This is in spite of the increase in excise rate of 25% from January 2013.
Presently, Petrosakh is participating in tenders with State-owned companies and has managed to win contracts with major local customers for fuel shipment during the winter period. The contracts were signed with JSC "Sakhalinenergo" (the main electricity and heating supplier on the island), Sakhalin Shipping Company and several municipal heating companies.
Starting from 1 July 2013, the federal Excise Law provides for further indexation of excise rates for gasoline. Currently the excise rate is equal to 8,960 Roubles per ton. However, the Company is confident that as a result of the seasonal favorable conditions on the internal market Urals Energy will manage to control and improve netbacks through to the year-end.
Arcticneft
During the reporting period the main efforts of the Company were focused on the following:
1. Minimising the decline in production through extensive workovers,
which allowed to keep daily production stable. Current daily
production at Arcticneft is 702 BOPD, average daily production
694 BOPD for the six months ended 30 June 2013, comparing
with an average of 686 BOPD for the twelve months ended
31 December 2012
2. A Passive Seismic Spectroscopy and a separate Micro-Seismic
survey were carried out over a selected area in the West
block. The results revealed five main trends of hydrocarbon
potential consistent with existing exploration strategy.
The results show promise regarding the existing deposit
estimation, as well as encouraging data on possible deeper
targets and pin-point exact location of future drilling
sites. The Company is planning to use this survey report
for new deposit assessment and its future drilling programme
3. Having analysed costs and benefits of the planned side-tracks
drilling, the Company performed an independent geological
analysis of the existing wells stock in Arcticneft. The
results of this research show that subject to certain workovers,
temporally abandoned wells could be put into operation which
will allow to increase the production with higher probability
and at lower cost than side-tracks drilling.
Petraco loan
In 2012, the Company met its obligations under the restructuring agreement and paid the final loan principal amount of US$7.3 million to Petraco Oil Company Limited. The remaining accrued interest is to be paid by the Company to Petraco by the end of November 2013.
In June 2013, the Company entered into a new short-term loan agreement with Petraco under which Petraco advances the sum of up to US$7.0 million to the Company. The proceeds of the loan will be used by the Company to both progress its 2013 drilling plan and working capital financing.
As at 30 of June 2013, total debt to Petraco was US$5.5 million. The repayment of all this debt coincides with the shipment of the tanker from Arcticneft.
Outlook
The Company anticipates loading the tanker for export from Arcticneft, in Q4 2013.
The Company continues to focus on increasing production and cash generation at both Arcticneft and Petrosakh. In addition to its existing operations, the Board is looking at new opportunities, be it in identifying ways of utilising the upside potential in downstream and marketing opportunities on the existing acreage, or evaluating possible acquisition and joint venture targets with a view to expanding and optimising the portfolio.
The Board aims to finish the year with repayment of outstanding debts, solid financial position allowing to restore and maximise value creation for shareholders.
Alexei Maximov
Chief Executive Officer
Consolidated Statement of Financial Position
(presented in US$ thousands)
Note 30 June 30 June 31 December
2013 2012 2012
Assets
Current assets
Cash in bank and on hand 1,369 2,590 5,416
Accounts receivable and prepayments 2,615 3,462 4,579
Inventories 5 19,474 17,263 11,130
Total current assets 23,458 23,315 21,125
Non-current assets
Property, plant and equipment 6 112,029 114,077 122,300
Supplies and materials for
capital construction 2,636 2,644 2,839
Other non-current assets 7 1,329 1,118 1,100
Total non-current assets 115,994 117,839 126,239
Total assets 139,452 141,154 147,364
Liabilities and equity
Current liabilities
Accounts payable and accrued
expenses 8 4,191 5,821 4,560
Provisions 2,199 2,199 2,199
Income tax payable 5,010 5,128 5,070
Other taxes payable 4,926 4,506 6,035
Short-term borrowings and
current portion of long-term
borrowings 9 5,511 7,316 3,004
Advances from customers 879 977 1,340
Total current liabilities 22,716 25,947 22,208
Long-term liabilities
Long term borrowings - 2,865 -
Long term finance lease obligations 1,493 - 1,673
Dismantlement provision 1,603 1,485 1,621
Deferred income tax liabilities 13,529 13,010 14,299
Total long-term liabilities 16,625 17,360 17,593
Total liabilities 39,341 43,307 39,801
Equity
Share capital 1,589 1,589 1,589
Share premium 656,855 656,855 656,855
Translation difference (31,597) (31,735) (26,770)
Accumulated deficit (527,894) (529,737) (525,342)
Equity attributable to shareholders
of Urals Energy Public Company
Limited 98,953 96,972 106,332
Non-controlling interest 1,158 875 1,231
Total equity 10 100,111 97,847 107,563
Total liabilities and equity 139,452 141,154 147,364
Approved on behalf of the Board of Directors on 26 September 2013.
A.D. Maximov S.E.Uzornikov Chief Executive Officer Chief Financial Officer
Consolidated Statement of Comprehensive Income
(presented in US$ thousands)
Six months ended
30 June
--------------------------
Note 2013 2012
------------------------------------------- ----- ------------ ------------
Revenues after excise taxes and export
duties 11 15,881 15,362
Cost of sales 12 (10,951) (12,285)
Gross profit 4,930 3,077
------------------------------------------- ----- ------------ ------------
Selling, general and administrative
expenses 13 (3,945) (3,577)
Other operating income/(loss) 38 (91)
Operating profit/(loss) 1,023 (591)
Interest income 9 379 44
Interest expense 9 (203) (278)
Foreign currency loss (3,472) (1,308)
Total net finance costs (3,296) (1,542)
Loss before income tax (2,273) (2,133)
Income tax (expenses)/benefit (264) 0
Loss for the period (2,537) (2,043)
------------------------------------------- ----- ------------ ------------
(Loss)/profit for the period attributable
to:
- Non-controlling interest 15 10
- Shareholders of Urals Energy Public
Company Limited (2,552) (2,053)
------------------------------------------- ----- ------------ ------------
Loss per share from profit attributable
to shareholders of Urals Energy Public
Company Limited: 10
- Basic loss per share (in US dollar
per share) (0.01) (0.01)
- Diluted loss per share (in US dollar
per share) (0.01) (0.01)
Weighted average shares outstanding
attributable to:
- Basic shares 252,446,060 251,901,871
- Diluted shares 253,414,431 253,414,431
Loss for the period (2,537) (2,043)
Other comprehensive loss:
- Effect of currency translation (4,915) (1,081)
Total comprehensive loss for the period (7,452) (3,124)
------------------------------------------- ----- ------------ ------------
Attributable to:
- Non-controlling interest (73) (8)
- Shareholders of Urals Energy Public
Company Limited (7,379) (3,116)
------------------------------------------- ----- ------------ ------------
Consolidated Statements of Cash Flows
(presented in US$ thousands)
Six months ended
30 June
-------------------
Note 2013 2012
--------------------------------------------- ----- --------- --------
Cash flows from operating activities
Loss before income tax (2,273) (2,133)
Adjustments for:
Depreciation, amortisation and depletion 12 3,158 3,255
Interest income 9 (379) (44)
Interest expense 9 203 278
Gain on disposal of property, plant
and equipment - (19)
Foreign currency loss, net 3,472 1,308
Other non-cash transactions 1 46
Operating cash flows before changes
in working capital 4,534 2,691
Increase in inventories (9,128) (7,635)
Decrease in accounts receivables and
prepayments 831 1,236
(Decrease)/increase in accounts payable
and accrued expenses (25) 1,092
Decrease in advances from customers (398) (710)
Decrease in other taxes payable (612) (531)
--------------------------------------------- ----- --------- --------
Cash used in operations (4,798) (3,857)
Interest received 8 98
Interest paid - -
Income tax paid - -
--------------------------------------------- ----- --------- --------
Net cash used in operating activities (4,790) (3,759)
Cash flows from investing activities
Purchase of property, plant and equipment
and intangible assets (1,757) (1,032)
Proceeds on loans issued 103 -
Net cash used in investing activities (1,654) (1,032)
Cash flows from financing activities
Proceeds from borrowings 2,500 -
Finance lease principal payments (150) (195)
Net cash generated from/(used in) financing
activities 2,350 (195)
Effect of exchange rate changes on
cash in bank and on hand 49 (146)
--------------------------------------------- ----- --------- --------
Net decrease in cash in bank and on
hand (4,045) (5,132)
Cash in bank and on hand at the beginning
of the year 5,416 7,722
--------------------------------------------- ----- --------- --------
Cash in bank and on hand at the end
of the period 1,369 2,590
--------------------------------------------- ----- --------- --------
Consolidated Statements of Changes in Shareholders's Equity
(presented in US$ thousands)
Equity
attributable
Difference to
from Shareholders
conversion of Urals
of share Energy
capital Cumulative Public
Share Share into Translation Accumulated Company Non-controlling Total
Notes capital premium US$ Adjustment deficit Limited interest equity
Balance at 1
January 2012 1,569 656,988 (113) (30,672) (527,684) 100,088 883 100,971
--------------- ------ -------- -------- ----------- ------------ ------------ ------------- ---------------- --------
Effect of
currency
translation - - - (1,063) - (1,063) (18) (1,081)
Loss for the
year - - - (2,053) (2,053) 10 (2,043)
-------- -------- ----------- ------------ ------------ ------------- ---------------- --------
- - - (1,063) (2,053) (3,116) (8) (3,124)
Total
comprehensive
loss
Issuance of
shares 10 20 (20) - - - - - -
Balance at 30
June 2012 1,589 656,968 (113) (31,735) (529,737) 96,972 875 97,847
--------------- ------ -------- -------- ----------- ------------ ------------ ------------- ---------------- --------
Balance at 1
January 2013 1,589 656,968 (113) (26,770) (525,342) 106,332 1,231 107,563
Effect of
currency
translation - - - (4,827) - (4,827) (88) (4,915)
Loss for the
year - - - (2,552) (2,552) 15 (2,537)
-------- -------- ----------- ------------ ------------ ------------- ---------------- --------
- - - (4,827) (2,552) (7,379) (73) (7,452)
Total
comprehensive
loss
Balance at 30
June 2013 1,589 656,968 (113) (31,597) (527,894) 98,953 1,158 100,111
--------------- ------ -------- -------- ----------- ------------ ------------ ------------- ---------------- --------
Notes to the Consolidated Financial Statements (presented in US$ thousands)
1 Activities
Urals Energy Public Company Limited ("Urals Energy" or the "Company" or "UEPCL") was incorporated as a limited liability company in Cyprus on 10 November 2003. Urals Energy and its subsidiaries (the "Group") are primarily engaged in oil and gas exploration and production in the Russian Federation and processing of crude oil for distribution on both the Russian and international markets.
The registered office of Urals Energy is at 31 Evagorou Avenue, Suite 34, CY-1066, Nicosia, Cyprus. UEPCL's shares are traded on the AIM Market operated by the London Stock Exchange.
The Group comprises UEPCL and the following main subsidiaries:
Effective ownership interest at
------------------------------- ----------------- ----------------------------------
Entity Jurisdiction 30 June 2013 31 December 2012
------------------------------- ----------------- -------------- ------------------
Exploration and production
ZAO Petrosakh ("Petrosakh") Sakhalin 97.2% 97.2%
ZAO Arcticneft ("Arcticneft") Nenetsky Region 100% 100%
Management company
OOO Urals Energy Moscow 100% 100%
------------------------------- ----------------- -------------- ------------------
2 Summary of Significant Accounting Policies
Basis of preparation.
The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) under the historical cost convention as modified by the change in fair value of financial instruments.
The preparation of consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the reporting date and the reported amounts of revenues and expenses during the reporting period. These policies have been consistently applied to all the periods presented, unless otherwise stated. Critical accounting estimates and judgments are disclosed in Note 4. Actual results could differ from the estimates.
Functional and presentation currency
The United States dollar ("US dollar or US$ or $") is the presentation currency for the Group's operations as management have used the US dollar accounts to manage the Group's financial risks and exposures, and to measure its performance. Financial statements of the Russian subsidiaries are measured in Russian Roubles, their functional currency.
The functional currency of the Company is the US Dollar as substantially all the cash flows affecting the Company are in US Dollars.
Translation to functional currency
Monetary assets and liabilities denominated in foreign currencies are retranslated into the functional currency at the rate of exchange ruling at the reporting date. Any resulting exchange differences are included in the profit or loss component of the consolidated statement of comprehensive income. Non-monetary assets and liabilities that are measured at historical cost and denominated in a foreign currency are translated into the functional currency using the rates of exchange as at the dates of the initial transactions. The US dollar to Russian Rouble exchange rates were 32.71 and 30.37 as of 30 June 2013 and 31 December 2012, respectively.
Translation to presentation currency
The Group's consolidated financial statements are presented in US dollars in accordance with IAS 21, The Effects of Changes in Foreign Exchange Rates. The results and financial position of each group entity having a functional currency different from the presentation currency are translated into the presentation currency as follows:
(i) Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the rate of exchange ruling at the reporting date. Any resulting exchange differences are included in the profit or loss component of the consolidated statement of comprehensive income. Non-monetary assets and liabilities that are measured at historical cost and denominated in a foreign currency are translated into the functional currency the Company using the rates of exchange as at the dates of the initial transactions. Goodwill and fair value adjustments arising on the acquisitions are treated as assets and liabilities of the acquired entity.
(ii) Income and expenses for each statement of comprehensive income are translated to the functional currency of the Company at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions).
(iii) All resulting exchange differences are recognised as a separate component of equity.
When a subsidiary is disposed of through sale, liquidation, repayment of share capital or abandonment of all, or part of, that entity, the exchange differences deferred in other comprehensive income are reclassified to the profit and loss.
Uncertain tax positions
The Group's uncertain tax positions are reassessed by management at the end of each reporting period. Liabilities are recorded for income tax positions that are determined by management as more likely than not to result in additional taxes being levied if the positions were to be challenged by the tax authorities. The assessment is based on the interpretation of tax laws that have been enacted or substantively enacted by the end of the reporting period, and any known court or other rulings on such issues. Liabilities for penalties, interest and taxes other than on income are recognised based on management's best estimate of the expenditure required to settle the obligations at the end of the reporting period.
Accounting standards adopted during the period
In the current period, the Group has adopted all of the new and revised Standards and Interpretations issued by the International Accounting Standards Board (the IASB) and the International Financial Reporting Interpretations Committee (the IFRIC) of the IASB that are relevant to its operations and effective for reporting periods beginning on 1 January 2013.
3 Going Concern
A significant portion of the Group's consolidated net assets of US$99.0million (31 December 2012: US$106.3 million) comprises undeveloped mineral deposits requiring significant additional investment. The Group is dependent upon external debt to fully develop the deposits and realise the value attributed to such assets.
The Group had net current assets of US$0.7million as of 30 June 2013 (31 December 2012: net current liabilities of US$1.1 million). The most significant creditor as of 30 June 2013 was US$5.5 million loan from Petraco (31 December 2012: US$3.0 million) (Note 9).
Management have prepared monthly cash flow projections for periods throughout 2013and 2014. Judgements which are significant to management's conclusion that no material uncertainty exists for going concern this year include future oil prices and planned production which were required for the preparation of the cash flow projections and model. Positive overall cash flows are dependent on future oil prices (a price of US$110per barrel has been used for 2013 and for 2014). Despite the above matters, the Group still has funding and liquidity constraints, though these are less severe than in the prior year. Despite the uncertainties and based on cash flow projections performed, management considers that the application of the going concern assumption for the preparation of these consolidated financial statements is appropriate.
4 Critical Accounting Estimates and Judgments in Applying Accounting Policies
The Group makes estimates and assumptions that affect the amounts recognised in the consolidated financial statements and the carrying amounts of assets and liabilities within the next financial year. Estimates and judgments are continually evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Management also makes certain judgments, apart from those involving estimations, in the process of applying the accounting policies. Judgments that have the most significant effect on the amounts recognised in the consolidated financial statements and estimates that can cause a significant adjustment to the carrying amount of assets and liabilities within the next financial year include:
Tax legislation
Russian tax and customs legislation is subject to varying interpretations, and changes, which can occur frequently. Management's interpretation of such legislation as applied to the transactions and activity of the Group may be challenged by the relevant authorities.
Initial recognition of related party transactions
In the normal course of business the Company enters into transactions involving various financial instruments with its related parties. IAS 39, Financial Instruments: recognition and measurement, requires initial recognition of financial instruments based on their fair values. Judgment was applied in determining if transactions are priced at market or non market interest rates, where there is no active market for such transactions. This judgment was based on the pricing for similar types of transactions with unrelated parties and effective interest rate analyses.
Estimation of oil and gas reserves
Engineering estimates of hydrocarbon reserves are inherently uncertain and are subject to future revisions. Accounting measures such as depreciation, depletion and amortisation charges, impairment assessments and asset retirement obligations that are based on the estimates of proved reserves are subject to change based on future changes to estimates of oil and gas reserves.
Proved reserves are defined as the estimated quantities of hydrocarbons which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic conditions. Proved reserves are estimated by reference to available reservoir and well information, including production and pressure trends for producing reservoirs. Furthermore, estimates of proved reserves only include volumes for which access to market is assured with reasonable certainty. All proved reserves estimates are subject to revision, either upward or downward, based on new information, such as from development drilling and production activities or from changes in economic factors, including product prices, contract terms or development plans. In some cases, substantial new investment in additional wells and related support facilities and equipment will be required to recover such proved reserves. Due to the inherent uncertainties and the limited nature of reservoir data, estimates of underground reserves are subject to change over time as additional information becomes available.
The Group last obtained an independent reserve engineers report as at 31 December 2007. Management believes that these reserves have not changed, other than through production, as the amount of subsequent additional drilling has been minimal.
In general, estimates of reserves for undeveloped or partially developed fields are subject to greater uncertainty over their future life than estimates of reserves for fields that are substantially developed and depleted. As those fields are further developed, new information may lead to further revisions in reserve estimates. Reserves have a direct impact on certain amounts reported in the consolidated financial statements, most notably depreciation, depletion and amortisation as well as impairment expenses. Depreciation rates on production assets using the units-of-production method for each field are based on proved developed reserves for development costs, and total proved reserves for costs associated with the acquisition of proved properties. Assuming all variables are held constant, an increase in proved developed reserves for each field decreases depreciation, depletion and amortisation expenses. Conversely, a decrease in the estimated proved developed reserves increases depreciation, depletion and amortisation expenses. Moreover, estimated proved reserves are used to calculate future cash flows from oil and gas properties, which serve as an indicator in determining whether or not property impairment is present. The possibility exists for changes or revisions in estimated reserves to have a significant effect on depreciation, depletion and amortisation charges and, therefore, reported net profit/(loss) for the year.
Deferred income tax asset recognition
The recognised deferred tax asset represents income taxes recoverable through future deductions from taxable profits and is recorded in the statement of financial position. Deferred income tax assets are recorded to the extent that realisation of the related tax benefit is probable. The future taxable profits and the amount of tax benefits that are probable in the future are based on the medium term business plan prepared by management and extrapolated results thereafter. The business plan is based on management expectations that are believed to be reasonable under the circumstances. Key assumptions in the business plan are an average oil price of US$110for 2013 and US$90 in real terms for future sales.
Impairment provision for receivables
The impairment provision for receivables (including loans issued) is based on management's assessment of the probability of collection of individual receivables. Significant financial difficulties of the debtor/lender, probability that the debtor/lender will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the receivable is potentially impaired. Actual results could differ from these estimates if there is deterioration in a debtor's/lender's creditworthiness or actual defaults are higher than the estimates.
When there is no expectation of recovering additional cash for an amount receivable, the expected amount receivable is written off against the associated provision.
Future cash flows of receivables that are evaluated for impairment are estimated on the basis of the contractual cash flows of the assets and the experience of management in respect of the extent to which amounts will become overdue as a result of past loss events and the success of recovery of overdue amounts. Past experience is adjusted on the basis of current observable data to reflect the effects of current conditions that did not affect past periods and to remove the effects of past conditions that do not exist currently.
Asset retirement obligations
Management makes provision for the future costs of decommissioning hydrocarbon production facilities, pipelines and related support equipment based on the best estimates of future cost and economic lives of those assets. Estimating future asset retirement obligations is complex and requires management to make estimates and judgments with respect to removal obligations that will occur many years in the future. Changes in the measurement of existing obligations can result from changes in estimated timing, future costs or discount rates used in valuation.
Useful lives of non-oil and gas properties
Items of non-oil and gas properties are stated at cost less accumulated depreciation. The estimation of the useful life of an asset is a matter of management judgment based upon experience with similar assets. In determining the useful life of an asset, management considers the expected usage, estimated technical obsolescence, physical wear and tear and the physical environment in which the asset is operated. Changes in any of these conditions or estimates may result in adjustments to future depreciation rates. Useful lives applied to oil and gas properties may exceed the license term where management considers that licenses will be renewed. Assumptions related to renewal of licenses can involve significant judgment of management.
Impairment
Management have estimated the recoverable amount of cash generating units. Changes in the assumptions used can have a significant impact on the amount of any impairment charge.
5 Inventories
30 June 30 June 31 December
2013 2012 2012
-------------------------- --------- --------- ------------
Crude oil 11,005 10,218 3,486
Oil products 3,930 3,123 2,934
Materials and supplies 4,539 3,922 4,710
-------------------------- --------- --------- ------------
Total inventories 19,474 17,263 11,130
-------------------------- --------- --------- ------------
6 Property, Plant and Equipment
Oil and
gas Refinery and Assets under
Cost at properties related equipment Buildings Other Assets construction Total
---------------------- ------------ -------------------- ---------- ------------- --------------------- --------
1 January 2012 149,213 8,141 879 5,488 6,004 169,725
Translation
difference (2,831) (154) (16) (104) (164) (3,269)
Additions 251 - - 5 706 962
Capitalised borrowing
costs - - - - 43 43
Transfers - - - - - -
Disposals (161) - - - - (161)
---------------------- ------------ -------------------- ---------- ------------- --------------------- --------
30 June 2012 146,474 7,987 862 5,388 6,589 167,300
---------------------- ------------ -------------------- ---------- ------------- --------------------- --------
Average capitalisation rate of capitalised interest expense for the period ended 30 June 2012 is 5.5%.
Oil and gas Refinery and Other Assets under
properties related equipment Buildings assets construction Total
-------------------- -------------------- ------------------- ---------- -------- -------------------- ---------
Accumulated
Depreciation,
Amortisation and
Depletion at
1 January 2012 (45,025) (2,660) (552) (3,221) - (51,458)
Translation
difference 1,021 65 12 74 - 1,172
Depreciation,
depletion and
amortisation (2,613) (225) (24) (179) - (3,041)
Disposals 104 - - - - 104
-------------------- -------------------- ------------------- ---------- -------- -------------------- ---------
30 June 2012 (46,513) (2,819) (564) (3,327) - (53,223)
-------------------- -------------------- ------------------- ---------- -------- -------------------- ---------
Oil and Refinery and Assets
gas related Other under
properties equipment Buildings Assets construction Total
--------------------- ------------ ------------- ---------- -------- -------------- --------
Net Book Value at
1 January 2012 104,188 5,481 327 2,267 6,004 118,267
--------------------- ------------ ------------- ---------- -------- -------------- --------
30 June 2012 99,961 5,168 298 2,061 6,589 114,077
--------------------- ------------ ------------- ---------- -------- -------------- --------
Oil and gas Refinery and Assets under
Cost at properties related equipment Buildings Other Assets construction Total
------------------- ------------------- ------------------ ---------- ------------- ------------------ ---------
1 January 2013 161,850 8,630 933 5,843 5,815 183,071
Translation
difference (11,565) (617) (66) (450) (462) (13,160)
Additions 81 - - 630 864 1,575
Capitalised
borrowing costs - - - - 14 14
Transfers - - - - - -
Disposals - - - - - -
30 June 2013 150,366 8,013 867 6,023 6,231 171,500
------------------- ------------------- ------------------ ---------- ------------- ------------------ ---------
Average capitalisation rate of capitalised interest expense for the period ended 30 June 2013 is 5.5%.
Accumulated
Depreciation,
Amortisation and Oil and gas Refinery and Assets under
Depletion at properties related equipment Buildings Other Assets construction Total
------------------- ------------------- ------------------ ---------- ------------- ------------------ ---------
1 January 2013 (53,253) (3,274) (634) (3,610) - (60,771)
Translation
difference 3,941 245 46 271 - 4,503
Depreciation (2,645) (222) (24) (312) - (3,203)
Disposals - - - - - -
30 June 2013 (51,957) (3,251) (612) (3,651) - (59,471)
------------------- ------------------- ------------------ ---------- ------------- ------------------ ---------
Refinery and
Oil and gas related Assets under
properties equipment Buildings Other Assets construction Total
Net Book Value at
1 January 2013 108,597 5,356 299 ,233 5,815 122,300
30 June 2013 98,409 4,762 255 2,372 6,231 112,029
------------------- ------------------- ------------------ ---------- ------------- ------------------ ---------
Included within oil and gas properties at 30 June 2013 and 31 December 2012 were exploration and evaluation assets:
Cost at
31 Cost at
December Translation 30
2012 Additions difference June 2013
------------------------------- ---------- ---------- ------------ -----------
Exploration and evaluation
assets
Arcticneft 16,967 - (1,212) 15,755
Petrosakh 30,885 - (2,206) 28,679
------------------------------- ---------- ---------- ------------ -----------
Total cost of exploration and
evaluation assets 47,852 - (3,418) 44,434
------------------------------- ---------- ---------- ------------ -----------
The Group's oil fields are situated in the Russian Federation on land owned by the Russian government. The Group holds production mining licenses and pays production taxes to extract oil and gas from the fields. The licenses expire between 2037and 2067, but may be extended. Management intends to renew the licenses as the properties are expected to remain productive subsequent to the license expiration date.
Estimated costs of dismantling oil and gas production facilities, including abandonment and site restoration costs, amount to US$0.1 million and US$0.1 million at 30 June 2013 and 31 December 2012, respectively, are included in the cost of oil and gas properties. The Group has estimated its liability based on current environmental legislation using estimated costs when the expenses are expected to be incurred.
7 Other Non-Current Assets
30 June 30 June 31 December
2013 2012 2012
---------------------------------- -------- -------- ------------
Loans issued to related parties
(Note 14) 565 818 519
Advances to contractors and
suppliers for construction in
process 734 168 504
Intangible assets 30 132 77
Total other non-current assets 1,329 1,118 1,100
---------------------------------- -------- -------- ------------
8 Accounts Payable and Accrued Expenses
30 June 30 June 31 December
2013 2012 2012
-------------------------------------- -------- -------- ------------
Trade payables 440 735 522
Accounts payable for construction
in process 72 349 144
Wages and salaries 1,690 2,458 1,696
Short-term finance lease obligations 102 65 88
Other payable and accrued expenses 1,887 2,214 2,110
-------------------------------------- -------- -------- ------------
Total accounts payable and accrued
expenses 4,191 5,821 4,560
-------------------------------------- -------- -------- ------------
9 Borrowings
Short-term borrowings
Short-term borrowings were as follows at 30 June 2013 and 31 December 2012:
30 June 30 June 31 December
2013 2012 2012
----------------------------- -------- -------- ------------
Long-term borrowings
Petraco
* Principal
2,865
* Interest - -
Total long-term borrowings - 2,965 -
Short-term borrowings
Petraco
* Principal 2,500 7,316 -
* Interest 3,011 - 3,004
Total short-term borrowings 5,511 7,316 3,004
Total borrowings 5,511 10,181 3,004
----------------------------- -------- -------- ------------
Petraco
On 12 April 2010 the Company reached an agreement (subsequently amended on 18 November 2010) with Petraco relating to the restructuring of the Petraco facility (the "Restructuring Agreement"). The principal terms of the Restructuring Agreement are as follows:
Total indebtedness owed by the Company to Petraco, as at 31 March 2010, was $34.3 million, made up as follows:
- capital amount outstanding (the "Capital Outstanding") of US$30.7 million; and - accrued interest outstanding (the "Accrued Interest") of US$3.6 million.
As at 1 April 2010, the Capital Outstanding and Accrued Interest were added together and carried forward as principal ("Principal"). After 1 April 2010 interest was accrued on the Principal and was not compounded. All accrued interest from 1 April 2010 was paid once the Principal has been repaid and all payments made by the Company according to the payment schedule set out below was applied against the Principal outstanding. Interest will be charged on the Principal at a rate of 6 month LIBOR plus 5% per annum, non-compounding.
As part of the restructuring agreement the Company converted US$2 million of the Capital Outstanding into 8,693,006 ordinary shares of the Company (recorded in the consolidated statement of changes in shareholders' equity) and gave an option to Petraco to acquire additional new ordinary shares in the amount of 12,576,688 for GBP 0.26 per share. The fair value of the option is not material. This option is considered as non dilutive instrument.
In June 2010 the Company pledged 100% of the shares it currently holds in Arcticneft and 97.2% of shares it currently holds in Petrosakh to Petraco as security against the restructured Petraco facility. In August 2012 Petraco released its charge over the shares of Petrosakh in full.
Outstanding interest US$3.0 million is repayable on 31 December 2013 (as amended on 18 November 2010).
In June 2013 the Company entered into a short-term loan agreement with Petraco under which Petraco will advance the sum up to US$7.0 million. The key terms of the loan are that:
- it is repayable immediately following the loading of the next tanker shipment, scheduled for Autumn 2013 or 30 November 2013 (whichever is earlier);
- interest is chargeable at the rate of 5% over LIBOR until the date of the bill of lading of the tanker at which point it reduces to 2% over LIBOR; and
- it is included in Petraco's existing security over CJSC Arcticneft, further details of which appear in the Company's announcement dated 12 April 2010.
Weighted average interest rate
The Group's weighted average interest rates on borrowings were 5.5% and 5.5% at 30 June 2013 and 31 December 2012, respectively.
Interest income and expense
Interest income and expense for the six months ended 30 June 2013 and 30 June 2012, respectively, comprised the following:
Six months ended 30
June
----------------------
2013 2012
------------------------------------------- ---------- ----------
Interest income
Related party loans issued (Note 14) 379 44
------------------------------------------- ---------- ----------
Total interest income 379 44
------------------------------------------- ---------- ----------
Interest on loan from Petraco Oil Company
Limited (7) (163)
Finance leases (93) (35)
Change in dismantlement provision due to
passage of time (103) (80)
Total interest expense (203) (278)
Net finance income/(expense) 176 (234)
------------------------------------------- ---------- ----------
10 Equity
At 30 June 2013 authorised share capital was $1,890 thousand divided into 300 million shares of $0.0063 each.
Difference
from
Number conversion
of of
shares share capital
(thousand Share Share to
of shares) capital premium USD
-------------------------------- ------------ --------- --------- ---------------
Balance at 1 January 2012 249,251 1,569 656,988 (113)
Shares issued under restricted
stock plans 3,195 20 (20) -
Balance at 30 June 2012 252,446 1,589 656,968 (113)
-------------------------------- ------------ --------- --------- ---------------
Balance at 1 January 2013 252,446 1,589 656,968 (113)
Shares issued under restricted
stock plans - - - -
Balance at 30 June 2013 252,446 1,589 656,968 (113)
-------------------------------- ------------ --------- --------- ---------------
Restricted Stock Plan
At 30 June 2012, restricted stock grants for 3,194,914 shares were fully issued.
As of 30 June 2013, the number of unvested restricted stock grants and their respective vesting dates are presented in the table below.
January January January
Date of Grant 2009 2010 2011 Total
Unvested Restricted Stock
Granted as of 31 December
2012 354,096 354,095 260,180 968,371
Vested in the six months
ended 30 June 2013 - - - -
-------------------------------- -------- -------- ---------- --------
Total Restricted Stock Granted
as of 30 June 2013 354,096 354,095 260,180 968,371
-------------------------------- -------- -------- ---------- --------
Profit/(loss) per share
Basic profit/(loss) per share is calculated by dividing the profit/(loss) attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the year.
Six months ended
30 June
---------------------
2013 2012
-------------------------------------------- ---------- ---------
Loss attributable to equity holders of
the Company (2,552) (2,043)
Weighted average number of ordinary shares
in issue (thousands) 252,446 251,902
-------------------------------------------- ---------- ---------
Basic loss per share (in US dollar per
share) (0.01) (0.01)
-------------------------------------------- ---------- ---------
11 Revenues
Six months ended
30 June
----------------------------------------- -------------------
2013 2012
----------------------------------------- --------- --------
Petroleum (refined) products - domestic
sales 15,905 15,473
Crude oil - domestic sales 1,707 1,114
Other sales 163 245
----------------------------------------- --------- --------
Total proceeds from sales 17,775 16,832
----------------------------------------- --------- --------
Less: excise taxes (1,894) (1,470)
Revenues after excise taxes 15,881 15,362
----------------------------------------- --------- --------
12 Cost of Sales
Six months ended
30 June
------------------------------------------ -------------------
2013 2012
------------------------------------------ --------- --------
Unified production tax 7,890 7,816
Wages and salaries 4,706 5,141
Depreciation, depletion and amortisation 3,158 3,255
Materials 2,736 2,658
Oil treating, storage and other services 918 724
Rent, utilities and repair services 395 421
Other taxes 233 256
Other 102 58
Change in finished goods (9,187) (8,044)
Total cost of sales 10,951 12,285
------------------------------------------ --------- --------
13 Selling, General and Administrative Expenses
Six months ended
30 June
------------------------------------------------------ -------------------
2013 2012
------------------------------------------------------ --------- --------
Wages and salaries 1,319 1,399
Professional consultancy fees 601 712
Transport and storage services 722 613
Office rent and other expenses 430 435
Charge of provision for doubtful accounts receivable 352 -
Trip expenses and communication services 187 189
Other expenses 334 229
------------------------------------------------------ --------- --------
Total selling, general and administrative expenses 3,945 3,577
------------------------------------------------------ --------- --------
14 Balances and transactions with Related Parties
Parties are generally considered to be related if one party has the ability to control the other party, is under common control, or can exercise significant influence over the other party in making financial or operational decisions as defined by IAS 24 Related Party Disclosures. Key management personnel are considered to be related parties. In considering each possible related party relationship, attention is directed to the substance of the relationship, not merely the legal form.
Balances and transactions with related parties
Six months ended
30 June
---------------------
2013 2012
-------------------------------------------------------- -------- -----------
Transactions with related parties
Interest income 379 44
Impairment of loans issued to a shareholder
and interest receivable from a shareholder 352 -
-------------------------------------------------------- -------- -----------
31
30 June 30 June December
2013 2012 2012
------------------------------------------ -------- ------------ -----------
Balances with related parties
Loans issued to related parties 476 782 578
Interest receivable from other related
parties 382 380 363
-------- ------------ -----------
Total of loans and interest receivable
from related parties 858 1,162 941
-------- ------------ -----------
Provision on claims 2,199 - 2,199
As of 30 June 2013 and 31 December 2012 the Group has an impairment provision against a loan to a related party of US$6.7 million and US$6.3 million, respectively. This amount relates to a loan to shareholder and former member of management of the Group. This loan is overdue.
For accounting purposes management reassessed the carrying value of the loan and impaired this fully. However, this does not reduce the validity of the legal claim against this related party. Management formally demanded repayment of the full amount by 20 May 2011.
By 20 May 2011 management did not receive any response from the related party. Considering that according to the loan agreement all disputes shall finally be resolved by arbitration under the Rules of Arbitration of the London Court of International Arbitration (the LCIA) the Company filed a claim to the LCIA in June 2011. This arbitration has confirmed the Company's legal rights, vindicated its position and issued a final award that the sum in the amount of US$6.3 million (including loan amount and interest) and legal cost in the amount of US$1.2 million must be repaid to Urals Energy together with a daily accumulating interest. As of 30 June 2013 the Group has an impairment provision against other receivables from the shareholder of US$1.2 million (31 December 2012: US$1.2 million). The Company has formally demanded payment from Mr Rovneiko and is committed to using all appropriate means to collect the outstanding amount.
Loans receivable include amounts due by OOO Komineftegeophysica in the amount of US$0.9 million (31 December 2012: US$0.9 million), where shareholders of the Group hold the majority of shares. The loans bear interest 10%. Loans in the amount of US$0.4 million is short term in nature. Loans in the amount of US$0.3 million mature on 31 December 2014, in the amount of US$0.2 million mature on 31 December 2015. These loans are not secured.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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